Great advice for business owners and independent contractors during these unsettling times. Get the facts from trustworthy CPA firm.

1. CARES ACT 2020
For Business Owners &
Independent Contractors
NAZARETH CAs + CPAs
GLOBAL ACCOUNTANTS
Cecil Nazareth ACA, CPA,MBA
Cecil@NazarethCPAs.com

2. Disclaimer
The following presentation is for education
purposes only and is not intended or
construed as legal or compliance advice
Please consult an Attorney and/or CPA or tax
professionals who deals with compliance
issues
International Tax
(c) India US Consulting Services
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3. Several loans
1. PPP loans
2. SBA loans (7b)
◼ EIDL – Economic Injury Disaster Loans
◼ EEIG – Emergency Economic Injury Grants
3. Shared work program
4. Refundable tax credits
5. Employee retention credits
6. Employer payroll tax deferral
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(c) India US Consulting Services
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4. Section 1
PPP Loans
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5. PPP Loans
◼ Payroll defined includes
◼ W2/w3 – payroll records (ADP or Paychex CARES reports)
◼ Health insurance
◼ State and local taxes
Does not include:
◼ Salary above $100,000 not allowed
◼ 1099s (discussed later)
◼ No FICA
◼ Apply before June 30, 2020. But most banks have run out of
money
◼ Calculation
2.5 times the average monthly payroll (Indians can do this in their
head)
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6. Use of the PPP loan
◼ Cannot misuse funds documents will be
required
◼ Use of the funds
◼ Payroll 75%
◼ Up to 25 % for
◼ Rent
◼ Utilities
◼ Business mortgage interest
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(c) India US Consulting Services
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7. Independent contrators
Self Employed
◼ 1099 Income or GIG workers (April 10, 2020)
◼ Can use PPP program
◼ Must be in operation on Feb 15, 2020
◼ What is Self employment Income?. (Everything
subject to Self employment tax)
◼ Sole proprietors
◼ Schedule C income
◼ Partnership flow thru
◼ Application @ Partnership level or
◼ LLC level
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(c) India US Consulting Services
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8. PPP Forgiveness
◼ MUST APPLY FOR FORGIVENESS IT IS
NOT AUTOMATIC
◼ Loan payment deferral for at least 6 months
◼ Up to 1 year
◼ April 3 – employees and April 10 for
contractors
◼ Maintain payroll for 8 weeks
◼ Employee retention
◼ Documentation will be key
International Tax
(c) India US Consulting Services
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9. Contact Us Today
for Full Presentation
Also covers:
1. SBA Loans – EIDL
2. Appropriate loans and terms
3. Tax law changes
4. Cash flow – ‘cash is king”
5. Documentation & Relationships
International Tax
(c) India US Consulting Services
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10. Order today at
www.nazarethcpas.com
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(c) India US Consulting Services
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11. Nazareth CPAs.com
Author of “International Tax & Compliance
Handbook”
www.NazarethCPAs.com
Cecil Nazareth CA, CPA - CT office
O (203) 956-4899
Cell (203) 291-9093
Chris Nazareth ICWA, CPA - NY/NJ office
(212) 868-4402
Clem Nazareth CA, CPA NJ office
International Tax
(c) India US Consulting Services
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